Very heavy Swiss sales of EUR/USD in early US trade

Traders report very heavy sales out of one of the Swiss majors in early US trade, helping knock EUR/USD from the 1.2950 area into the 1.29-teens. Swiss accounts have been among the most active sellers of EUR/USD into EUR strength. Maybe the SNB is lifting a leg in EUR/CHF?

Stops are seen now below the 1.2900 level amid talk that short-term model funds have turned into EUR sellers.